buying a second property

flashash_2

hi, i am looking to rent my house out and buy another to live in. i have a mortgage of £118000 which costs £700/month (have just fixed for 5 years at 4.15) and my house is valued at approx £200000. i also own 50% of another property which is rented. my plan is to sell the 50% for around £70000 to use as a deposit for the new property. i would then need to borrow the rest. i would be looking at around £20000 so would need to borrow around £130000.
i have already got a tennant sorted for my house at £1000 pcm.
i earn about £30000 pa.

so my question is am i likely to be given a mortgage by anyone as i already haveone. ?

sorry if i havent given enough info.
thanks

VIGILANT22

flashash wrote: »

hi, i am looking to rent my house out and buy another to live in. i have a mortgage of £118000 which costs £700/month (have just fixed for 5 years at 4.15) and my house is valued at approx £200000. i also own 50% of another property which is rented. my plan is to sell the 50% for around £70000 to use as a deposit for the new property. i would then need to borrow the rest. i would be looking at around £20000 so would need to borrow around £130000.
i have already got a tennant sorted for my house at £1000 pcm.
i earn about £30000 pa. so my question is am i likely to be given a mortgage by anyone as i already haveone. ?

You can't just rent your property out without either consent to let from the lender or changing to BTL
All the rest is "do-able" if you fit criteria......